Australia’s monthly inflation rate spiked to 2.8% in July, up from 1.9%, driven primarily by rising food and housing costs. The end of energy bill rebates in several states contributed to the increase by removing downward pressure on household electricity prices. The ASX gained 24 points following the inflation news, while Woolworths shares plunged almost 15% due to poor Big W performance and Domino’s dropped 22%.
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